Instead of chasing growth and profits, investors this year have bought into safety

Could this be the most pessimistic bull market in history? The S&P 500 is just one good day’s trading away from a new record, yet the usual rush into go-go stocks is nowhere to be seen.

Instead of chasing growth and profits, investors this year have bought into safety—in a big way. Only two of the 10 top-level sectors which make up the market have reached new highs this year, and they are the antithesis of exuberance: utilities and consumer staples.